Unlocking Growth Through Energy: A Pan-African Imperative
In a charged moment for Africa’s development, industry leaders and policymakers are sounding a common call: accelerate access to reliable, affordable energy as the bedrock of economic growth and social inclusion. At the forefront of this push is Dr. Owen Omogiafo, the President and Group Chief Executive Officer of Transnational Corporation of Nigeria (Transcorp). He argues that without rapid scaling of energy supply across the continent, Africa’s growth potential will remain hampered by power shortages, high costs, and uneven access.
Why Energy Access is Critical Now
Energy is not just a utility; it is a driver of jobs, education, healthcare, and small-business resilience. When households and firms have dependable electricity, factories can operate at full capacity, students can study after sundown, and clinics can preserve vaccines and medicines. Omogiafo’s view aligns with a growing chorus of experts who say Africa’s current energy trajectory could constrain competing in a global economy that increasingly rewards reliability and efficiency.
Economic Inclusion Through Reliable Power
Across the continent, millions remain without consistent power, limiting their ability to participate in the formal economy. Expanding access—from urban neighborhoods to rural communities—has the potential to lift incomes, stabilize prices, and reduce the informal sector’s vulnerability. Omogiafo highlights that energy access must be paired with affordable tariffs and transparent regulatory environments to ensure that new power solutions translate into tangible gains for households and small businesses alike.
Strategic Paths to Faster Energy Deployment
Experts and business leaders advocate a mix of strategies to accelerate energy delivery:
- Investing in diversified energy mixes, including gas, solar, and hydro, to reduce volatility and improve reliability.
- Strengthening regional grids and cross-border power trade to balance supply and demand, especially during peak times.
- Improving the permitting and procurement processes to attract private investment while maintaining oversight for affordability and standards.
- Encouraging productive use of energy by supporting energy-intensive sectors such as manufacturing and agro-processing with reliable power supply.
Role of Public-Private Partnerships
Public-private partnerships (PPPs) are increasingly viewed as essential to scale energy infrastructure. Transcorp, under Omogiafo’s leadership, exemplifies how private capital can complement public funds to accelerate projects—from power plants to transmission networks. The model aims to share risk, accelerate timelines, and bring in expertise in project management, financing, and operations that governments alone may struggle to mobilize quickly.
Policy and Regulatory Frameworks That Speed Up Delivery
For energy access gains to be sustainable, Africa needs policy clarity and stable regulatory environments. Investors seek clear tariff structures, predictable procurement rules, and strong protections for consumers. The emphasis is on balancing affordability with the need to attract long-term investment. In this broader context, leadership voices like Omogiafo’s encourage a pragmatic approach: set ambitious but achievable targets, monitor progress, and adjust policies based on data and stakeholder input.
A Vision for Inclusive Growth
Ultimately, the push for faster energy access is about more than electrons flowing through wires. It is about empowering communities to participate fully in the modern economy, enabling entrepreneurs to scale, and ensuring that growth is inclusive. As Africa’s nations pursue electrification goals, the convergence of public will, private capital, and regional collaboration will determine how quickly the continent can bridge energy gaps and unlock its economic potential.
Conclusion: A Call for Urgency
Dr. Owen Omogiafo’s message is clear: time is of the essence. Without accelerating energy access, Africa risks lagging in competitiveness and prosperity. By embracing diversified energy sources, strengthening regional grids, and fostering robust PPPs, the continent can move decisively toward a future where reliable power underpins sustained growth and broad-based inclusion.
